Change to the Australian Marginal Tax Rates
1st July 2012 will usher in sweeping changes to Australian Marginal Tax Rates as well as proposed changes to Superannuation legislation. Although many announcements are yet to be made regarding superannuation, the Federal Goverment have confirmed the following changes to the Australian Marginal Tax Rates:
Current Tax rates 2011-12
|
Taxable income |
Tax on this income |
|
0 - $6,000 |
Nil |
|
$6,001 - $37,000 |
15c for each $1 over $6,000 |
|
$37,001 - $80,000 |
$4,650 plus 30c for each $1 over $37,000 |
|
$80,001 - $180,000 |
$17,550 plus 37c for each $1 over $80,000 |
|
$180,001 and over |
$54,550 plus 45c for each $1 over $180,000 |
not inluding the medicare levy of 1.5%
As of 1 July 2012 they change to....
|
Taxable income |
Tax on this income |
|
0 - $18,201 |
Nil |
|
$18,201- $37,000 |
19c for each $1 over $18,201 |
|
$37,001 - $80,000 |
$3,572 plus 32.5c for each $1 over $37,000 |
|
$80,001 - $180,000 |
$13,974 plus 37c for each $1 over $80,000 |
|
$180,001 and over |
$36,999 plus 45c for each $1 over $180,000 |
not inluding the medicare levy of 1.5%
Along with these changes in the marginal tax rates the Federal Goverment has also made changes to The Low Income Tax Offset (LITO), reduced the Government Co-Contribution and introduce the Low Income Super Contribution (LISC) Tax refund. Please see the ATO website for further detail. www.ato.gov.au
